LSL Property trades in line but second half of year looks "uncertain"

In the three months to March 31, York-based LSL said group turnover rose 37 per cent on the year. Turnover at its estate and surveying divisions rose 64 per cent and 15 per cent respectively.

"The outlook for the market in the second half of 2010 remains uncertain due to the well publicised economic pressures," said Chairman Roger Matthews.

"The group has continued to trade in line with the board's expectations. Activity levels remain encouraging and reflect the continuation of the run rates in the second half of 2009."

LSL also said the ex-Halifax Estate Agency branches in its network were performing as expected with activity levels rising every month.

"The anticipated level of cost savings has been achieved and the focus going forward continues to be on growing income streams, particularly in lettings," Mr Matthews said.

LSL said its asset management arm continued to perform strongly, while its surveying division had benefited from its strong market position.